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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Exchange rate: Representatives confirm the possibility of adjustment and submit proposals

    Rocky
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    • Post n°1

    Exchange rate: Representatives confirm the possibility of adjustment and submit proposals Empty Exchange rate: Representatives confirm the possibility of adjustment and submit proposals

    Post by Rocky Sun 06 Nov 2022, 6:34 am

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    Within a group of important files, the newly formed government headed by Muhammad Shia Al-Sudani will have to make a decision regarding the exchange rate of the dinar as for the dollar. 

    In 2020, the Central Bank decided to raise the price of the dollar to 1460 dinars, instead of 1182 dinars to the dollar, with the aim of compensating for the decline in oil revenues caused by the deterioration of oil prices, according to official data.

    The move was a subject of controversy that did not stop, especially with the turbulence in the prices of goods and commodities, and Al-Sudani himself objected to it and warned at the time of a "hungry revolution". 
     
    Al-Sudani spoke in a press conference a few days ago, the first since he became prime minister, that "the Central Bank is the only party concerned with the issue of the Iraqi dinar exchange rate against the dollar, and that his government is committed to implementing the laws decided by the bank."


    Within the context, the former Prime Minister, Nuri al-Maliki, commented on the controversy surrounding the issue of the dollar exchange rate, saying, “The decrease in the price of the dinar and the failure to address the effects on the citizen has caused a difficult economic and living crisis, and we have talked about the necessity of treatment, and today the government has this file, which It must be dealt with in a manner that does not harm the citizen and the national economy through the development of a well-thought-out and integrated plan.”


    He added, "On this occasion, we propose that the exchange rate become 1375 dinars to the dollar instead of 1450 dinars in order to pay the damages on behalf of the citizen and the national economy."  

    “It is possible to reduce gradually,”

    Mahasin Hamdoun, a member of the Finance Committee, said in a statement to IQ News, that “the exchange rate change takes place through the Central Bank, which in turn determines the exchange rates, but so far there have been no signs of reducing it, and if it happens, it will be gradual and not surprising as It happened before."


    She added, "The central bank's policy is an international one, and it cannot be interfered with, and it is possible to reduce the price of the dollar against the Iraqi dinar, and at most if the reduction occurs, it will be gradual." 
    Hamdoun indicated that "the exchange rate reduction, if it occurs, is the Iraqi citizen who is the beneficiary, especially the working and employed segments and the rest of the groups affected by the rise." 

    For his part, a member of the Finance Committee in the previous parliamentary session, Ahmed Al-Hajj, a member of the former Finance Committee, sent an “open” letter to Al-Sudani and the leaders of the “coordinating framework” who nominated him for the position. 

    He said, "Everyone has that monetary policy is exclusively the prerogative of the monetary authority, and any prejudice or interference in it will negatively affect the currency and as a result it will confuse the market and lose the citizen's confidence in the currency of a town, and therefore the Iraqi economy is shaking before the economies of the region and leads to a state of instability and begins the process of gradually rising prices. and thus leads to this unbridled grievance from the effect of the economy internally.” 


    He added, "As for the external side, I do not rule out that the International Financial Group, the International Monetary Fund and the World Bank will intervene to remove the Central Bank of Iraq from the gray zone and put a question mark on the Central Bank, and this will put obstacles in front of Iraq in international forums, and as a result, the credit rating of the economy will decrease." Iraqi and this is not good consequences."


    Al-Hajj pointed out in his letter, that "any movement or trend towards changing the exchange rate of the dollar leads to confusion in the market, destabilization of the economy and people's distrust of the Iraqi currency now and in the future, and leads to the expansion of the budget deficit gap and the migration of hard currency from Iraq." 


    The former Finance Committee member presented, in his letter, “alternatives and solutions,” as he put it, that 
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